topic Re: Chrysler Capital- Times Have Chamged in Auto Loans

Chrysler Capital- Times Have Chamged

Anonymous — Wed, 09 Oct 2019 01:28:15 GMT

4 years ago bought a Dodge Journey with a 517 Experian FICO score rate was 8.10 rolling in 2750 neg equity. Fast forward 4 years later, scores currently 604 on Experian 602 Equifax,perfect payment history with Chrysler Capital attempting to roll in 6k negative equity from Journey on a Jeep Cherokee. Rate came back @ 16 %, I declined offer. I know main issue is why are scores still so low, they have been higher and lower at times, life is not linear progression. Cap One keeps declining me, saying cards are over limit when they are at zero and have not been over limit in 6 months. Only thing I can think of is my mortgage reporting is inaccurate and has not reported in a few months. Shows a 30 baddie a few months ago which is not correct, item in dispute currently, and then shows no payment status last few months. I did defer a bunch of payments early on the loan and during when my wife was ill and missed work could also be reason and even though credit report never affected they could be holding that against me . I did not go to dealer where I purchased the car and am left wondering could that really matter that much.

Re: Chrysler Capital- Times Have Chamged

Tuscani — Fri, 11 Oct 2019 17:50:55 GMT

Good for you for not taking that loan. Work on getting those scores up and paying down the negative equirty. We can help! Why the need for a new car now anyway?

Re: Chrysler Capital- Times Have Chamged

Anonymous — Fri, 11 Oct 2019 19:09:14 GMT

Very simply my wife wants a new car that she likes with safety features as long as monthly note does not go up by more than 150 bucks a month and we don't take out a loan longer than 72mo. I know overly simplistic viewpoint as she has very little financial acumen.
I called Chrysler myself this am and spoke to rep who pulled my deal. Main driving factor she thinks is my mortgage is showing up as 2 months past due when it is not. Also payment status reporting with that is very spotty, has not reported in consistently this year. I have sent documentation into mortgage company and have disputes with CRAs. Apparently GM Financial didn't seem to care as they approved me @7.9 for 72 mo
My wife told me to try if numbers work great if not wait until issue gets cleared up. Chrysler in my experience is not as score driven as others and they weight payment history on house & cars , LTV heavily. Scores were much lower 4 years ago, had less negative equity, and rate they offered me was half of current offer.

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 14 Oct 2019 00:14:13 GMT

I got a credit monitoring alert today,mortgage is now reporting in as current. Scores only went up 7points or so, is it worthwhile to contact dealer last week I was at since there is a 500 incentive which expires tomorrow. Does anyone think that they would use updated CR and resubmit to Chrysler to see if terms are better? Or is it too soon and do I have to wait a certain number of days to possibly get better terms through Chrysler?

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 14 Oct 2019 04:22:38 GMT

Why would you want to get yourself into deeper debt? Does this make any sense?

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 14 Oct 2019 12:41:41 GMT

Vehicle with safety features. Cars are debt unless paid for in cash.

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 27 Jan 2020 01:03:18 GMT

Raised my scores almost 70 points and still same result, 16.78 int and Chrysler charging dealer fee of almost 1900 to take my loan which dealer is passing on to me. Guess Chrysler does not want my business with a well paid loan currently with them.

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 27 Jan 2020 21:08:48 GMT

In my opinion it's definnitely a bad idea to roll that much negative equity especially into a Chrysler. They are notoriously unreliable and don't hold their value which is why your current Chrysler is under water. If you're dead set on upgrading the Journey I would recommend buying a couple year old Toyota or Honda and driving it for at least 3-4 years so that you get out of this cycle of trading in cars with negative equity. Whatever you do, I recommend that you don't change your mind and buy the Chrysler with $6k negative equity on a 72 month loan at 16% interest because of a $500 incentive.

Re: Chrysler Capital- Times Have Chamged

Anonymous — Mon, 27 Jan 2020 22:28:25 GMT

My Dodge has actually been reliable, wife wants something smaller with nice seats , XMradio, Blindspot. Dealer low balled me on trade which created negative equity of almost 9k I'm not smart but not insane. They used carfax value, downgraded condition of vehicle from good to fair, which makes KBB look high.. I had a price from True Car which was not honored, said it was not updated after I showed to them and then boom received True Car price update increase of 4k as I was sitting there. These factors drove the LTV out of whack, spooked Chrysler, and caused the 16.78 rate. My scores were 74 points lower 4 years ago and int rate from Chrysler was 8.04. I had bought the car from that dealer 4 years ago as well. Just going to hold on to the Dodge it looks like.
Without cash down, I don't think it would be possible to buy a 3 to 4 year old Honda or Toyota

Re: Chrysler Capital- Times Have Chamged

Anonymous — Tue, 28 Jan 2020 00:00:59 GMT

Actually without cash down I don't think I would be able to purchase a 1 or 2 year old vehicle with 6k in negative equity. I meant to say above.